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Marathon Capital Announces Heelstone Renewable Energy’s Sale of 177MWDC Operating Solar Projects to US Solar Fund

March 31, 2020


Mergers and Acquisitions

Marathon Capital, LLC (“Marathon”) is pleased to announce that an affiliate of Heelstone Renewable Energy, LLC (“Heelstone”) sold a 177MWDC portfolio of twenty-two operating utility-scale solar power projects to US Solar Fund plc (“USF”). Heelstone is a leading developer of renewable energy projects across the United States having developed over 60 projects with an aggregate capacity in excess of 500MWDC.

The Marathon team ran an expedited sale process that resulted in a pre-emptive transaction from launch to signing in four months. USF acquired the portfolio for an equity purchase price of US$38 million and as a part of the acquisition will also assume existing project-level debt.

“With the culmination of this transaction, Marathon is proud to have represented Heelstone in three successful back-to-back transactions in as many years. Heelstone’s high-quality operating assets directly compliment USF’s objective to provide a diversified mix of North American solar power assets to investors.” – Ammad Faisal, Managing Director & Co-Head of Chicago

“Closing this transaction was a major corporate initiative for Heelstone.Once again, Marathon delivered for us.We would like to thank Ammad and the entire Marathon team for their advice and efforts.” – Will Owens, CEO of Heelstone.

Marathon acted as exclusive financial advisor to Heelstone on the transaction.


About Marathon Capital

Marathon Capital is a leading financial advisory and investment banking firm focused on providing financial advice in the areas of M&A, capital raising of debt and equity, project finance, tax equity, financial restructuring, recapitalization, bankruptcy and workout situations in the energy sector.

Marathon Capital is a four-time recipient of the "Best Renewable Asset M&A Adviser" Award, "Renewable Generating Project Finance Deal of the Year" Award (2016), first-time recipient of the "Best Asset M&A Adviser" (2017) and first-time recipient of the "M&A Adviser of the Year" (2019) in Power Finance & Risk's Annual Power Finance Deals and Firms Awards.


About Heelstone

Heelstone Renewable Energy, LLC is a utility-scale solar developer with expertise in development, construction, operation and finance.Based in Chapel Hill, North Carolina, Heelstone Renewable Energy has developed a portfolio of 500 MW and is actively developing a project pipeline of over 1.5 GW.For more information, visit


About US Solar Fund plc

US Solar Fund plc listed on the premium segment of the London Stock Exchange in April 2019, following its successful US$200m IPO. The Company’s investment objective is to provide investors with attractive and sustainable dividends with an element of capital growth by investing in a diversified portfolio of solar power assets in North America and other OECD countries in the Americas.

The Company acquires or constructs, owns and operates solar power assets that are expected to have an asset life of at least 30 years and generate stable and uncorrelated cashflows by selling electricity to creditworthy offtakers under long-term power purchase agreements (or PPAs).

USF is managed by New Energy Solar Manager (NESM). NESM also manages New Energy Solar, an Australian Securities Exchange (ASX)-listed fund which has committed over US$1bn to US and Australian solar plants since late 2015.

NESM is owned by Walsh & Company, the funds management division of Evans Dixon, an ASX-listed company (ASX: ED1) with over A$20 billion of funds under advice and management.


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